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Bitcoin&nbsp;stuck rigidly to $71,000 into June 7 as analytics tools began to call for a retest of lower levels.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/aa485a79-b2b8-460d-89f5-8153fba497fe.png" alt="" title="">
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 BTC/USD 1-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="bitcoin-bulls-save-daily-close-after-exchange-sell-off">Bitcoin bulls “save” daily close after exchange sell-off</h2>
Data from <a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA..">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> showed Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;price action bouncing higher after hitting intraday lows of $70,120 on Bitstamp before the daily close.
The latest moves continued a theme <a href="https://cointelegraph.com/news/btc-price-hold-70k-bitcoin-ecb-rate-cut">throughout the week</a> with trips toward resistance below all-time highs and heavy downside wicks. Another such wick on June 5 took BTC/USD to $69,600 before a rebound set in. 
Commenting, trading resource Material Indicators suggested that markets were now calling for a more demonstrative return to key support of around $69,000.
“Both Trend Precognition algos are showing new #TradingSignals indicating that it may be time to retest local support,” it <a href="https://x.com/MI_Algos/status/1798895646667337987/photo/1" target="_blank" rel="noopener nofollow">wrote</a> about signals from its proprietary trading indicators in a post on X. 
<blockquote data-ct-non-breakable="true">
 “For me, a move back to $71.6k invalidates, and a hot Unemployment Report in the morning could be a catalyst for a move like that.”
</blockquote>
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 <img src="https://s3.cointelegraph.com/uploads/2024-06/9cf0520d-47e7-4ab4-afa1-1db88b2a761e.png" alt="" title="">
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 BTC/USD chart with trading signals. Source: Material Indicators
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Material Indicators co-founder Keith Alan added that he would be “very happy” to see $69,000 — a significant psychological line in the sand — get tested as part of a resistance/support flip by bulls.
“With the 21-Day Moving Average hovering around $68.8k technical support is strong, but a cooler than expected Unemployment Report or a rug pull could send prices lower and punish late longs,” he concluded.
Allen referenced upcoming United States macroeconomic data on unemployment, which is often known to have a&nbsp;<a href="https://cointelegraph.com/news/bitcoin-price-dives-us-jobs-data-fed-rate-hike">noticeable impact on BTC price volatility</a>.
During the June 6 U.S. trading session, meanwhile, popular trader Skew noted considerable BTC sales from major exchanges Binance and Coinbase.
On Coinbase alone, Skew <a href="https://x.com/52kskew/status/1798807419155632269" target="_blank" rel="noopener nofollow">noted</a>, 2,000 BTC was sold, as he queried “who’s cashing out $100M +.”
Bulls nonetheless provided a lifeline in time for the daily close, avoiding a continuation of “weakness” that Skew warned could have longer-lasting consequences for the BTC price trend.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/5532955a-5877-4439-b8a3-41b5c57f1443.png" alt="" title="">
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 Source: <a href="https://x.com/52kskew/status/1798814545747845508" target="_blank" rel="noopener nofollow">Skew</a>
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<h2 data-ct-non-breakable="true" id="btc-price-heavily-ready-for-breakout">BTC price "heavily ready” for breakout</h2>
Zooming out, Michaël van de Poppe, founder and CEO of trading firm MNTrading, said that Bitcoin had yet to break out from its established range — even with its latest signs of strength.
Related:&nbsp;<a href="https://cointelegraph.com/news/bitcoin-etf-inflows-price-stagnant-crypto-traders-analysis">Why isn’t the BTC price moving despite billions in ETF inflows?</a>
“Bitcoin is still stuck within the range, but very heavily ready for a breakout upwards to a new all-time high,” he <a href="https://x.com/CryptoMichNL/status/1798967750653808944" target="_blank" rel="noopener nofollow">summarized</a> on X. 
<blockquote data-ct-non-breakable="true">
 “Slowly, but surely, the altcoins are rolling along. It’s a good time.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/4d4bc070-734c-4a97-a3f8-a6ea7bf480ce.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart. Source: Michaël van de Poppe
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Alan meanwhile placed the responsibility for slow progress toward all-time highs with whales. These large-volume investors, he argued, were deliberately holding the market back in order to protect their short positions.
In one of his latest X <a href="https://x.com/KAProductions/status/1798842390578638975" target="_blank" rel="noopener nofollow">responses</a>, Alan described “a heap of shorts” between $71,500 and $75,000, with whales “suppressing price to avoid getting liquidated.”
The latest data from monitoring resource <a href="https://www.coinglass.com/pro/futures/LiquidationHeatMap" target="_blank" rel="noopener nofollow">CoinGlass</a> meanwhile showed $71,900 as the most interesting nearby focus for liquidity above spot price at the time of writing.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/719a9ddc-0eba-4fd0-8bf1-53467fbeac5d.png" alt="" title="">
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 BTC liquidation heatmap (screenshot). Source: CoinGlass
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin may retest $69K next as shorts keep BTC price below all-time high

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